The proposed bill establishes the Red Tape Review Task Force within the New Jersey Department of the Treasury, aimed at improving the state's regulatory process by eliminating burdensome red tape and promoting job creation, economic growth, and investment. The task force will consist of nine members, including the Lieutenant Governor as chair, various state commissioners, and legislative leaders, all serving without compensation. Additionally, the Lieutenant Governor has the discretion to appoint further members to ensure representation from non-profit organizations, businesses, workers, and local governments.

The task force is tasked with reviewing state rules and regulations to streamline interactions between the government and private entities, soliciting public input, and providing a written report of its findings and recommendations to the Governor and Legislature within three years. The task force will expire upon submission of this report, and its recommendations will be advisory, not conferring any legal rights or serving as a basis for legal challenges against state agencies.